United Kingdom: Chocolate Market 2024

Chocolate Market Size in the UK

The UK chocolate market rose rapidly to $X in 2022, increasing by 6.6% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Chocolate consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Chocolate Production in the UK

In value terms, chocolate production fell slightly to $X in 2022 estimated in export price. In general, production saw a slight slump. The pace of growth was the most pronounced in 2018 when the production volume increased by 7.5% against the previous year. Chocolate production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from the UK

In 2022, overseas shipments of chocolate and cocoa products were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 when exports increased by 9.3%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, chocolate exports fell slightly to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 9.4%. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted slightly in the following year.

Exports by Country

Ireland (X tons), the Netherlands (X tons) and Poland (X tons) were the main destinations of chocolate exports from the UK, together accounting for 46% of total exports. Saudi Arabia, the United Arab Emirates, Belgium, Canada, the United States, Germany, France, Israel and Australia lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +34.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from the UK were Ireland ($X), the Netherlands ($X) and Saudi Arabia ($X), together accounting for 45% of total exports. Poland, the United States, Canada, the United Arab Emirates, Belgium, Germany, Australia, France and Israel lagged somewhat behind, together comprising a further 31%.

In terms of the main countries of destination, Israel, with a CAGR of +33.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, waning by -2.4% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 13% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the UK

Chocolate imports into the UK was estimated at X tons in 2022, surging by 12% compared with 2021 figures. The total import volume increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 13%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 16% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), Poland (X tons) and France (X tons) were the main suppliers of chocolate imports to the UK, with a combined 53% share of total imports. Belgium, the Netherlands, Ireland, Italy and Switzerland lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +14.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and France ($X) constituted the largest chocolate suppliers to the UK, with a combined 48% share of total imports. Belgium, Italy, Ireland, the Netherlands and Switzerland lagged somewhat behind, together accounting for a further 40%.

Italy, with a CAGR of +12.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, approximately equating the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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